Last night's show, the 16th annual event for the high street lingerie powerhouse, offered no hard clues. What is certain, though, is that it's the company's marketing juggernaut. There is a reason the executives put on a show that costs $12million to produce, and it's not just for the fun of it.

"It's Show Time" was the theme of this year's pageant, divided into six vignettes. Kanye West performed and he introduced a surprise appearance and performance by Jay-Z. The two hip-hop stars sang as top models Adriana Lima, Karlie Kloss (her first time in the show) and Erin Heatherton strutted up and down the silver glitter catwalk dressed as supermodel superheroes.

Unlike most fashion week runway shows, where dour faced models tend to walk passionlessly up and down so as not to distract from the clothes, here the models are encouraged to wink, wave, blow kisses and whoop up the crowd. At the end of the runway, there is more winking, wiggling - and at one point Joan Smalls pulled the rip-cord on her costume and a silver parachute inflated around her shoulders. Alessandra Ambrosio wore gold-plated wings that weighed 22lbs and were decorated with 105,000 Swarovski crystals.

Orlando Bloom, in the front row, stood to cheer and clap his wife Miranda Kerr's appearance in a Victoria's Secret "Very Sexy" bra and knickers accessorised with a custom-made silk wrap and tutu. The designers had commissioned red ballet style shoes with ribbons criss-crossed up the models' legs. Kerr's came undone and she left the runway with ribbons trailing behind her.

Maroon 5 performed their current single "Moves Like Jagger" during the "Angels Aquatic" themed portion of the show. Adam Levine hammed it up on the runway, cooing at his model girlfriend Anne Vyalitsyna and then held her hand as she walked the runway. Carine Roitfeld, Julia Restoin-Roitfeld and Patrick Demarchelier cheered and danced in the front row.

Straight men at fashion shows are a rarity, but last night they were out in full force. Self-respecting fashion people do not greet each other with the words, "What's up, dude" but junior Wall Street bankers in conservative suits do. The crowd was full of aspiring Gordon Gekkos.

The booming voice announcing the start of the show called it "an unforgettable entertainment experience... with the world's most beautiful women and the hottest musical acts." In all the hype, it's easy to forget this is a company that began by simply selling bras and knickers.